The Mamuee parts giant reported third quarter sales fell $225 million, or 12 percent, compared to last year to $1.7 billion. In addition to the weak demand, the company said currency exchange rates also lowered sales dollars.

The company's quarterly earnings fell by more than half, though Dana said some of that drop was because of a one-time $60 million gain last year on the sale of investments

Dana said it earned $48 million, or 26 cents per share, in the third quarter. Last year, it earned $102 million, or 53 cents per share.

Officials cut full-year sales projection to $7.2 billion to $7.3 billion; previously, the Dana had said it expected sales of $7.5 billion to $7.6 billion. In 2011, Dana posted sales of $7.6 billion.

Dana also this morning declared a 5 cent per share fourth-quarter dividend, payable Nov. 30 to holders of record on Nov. 9. It also announced a share repurchase program for up to $250 million worth of outstanding shares.